Minister discusses reservations of CDA regarding privatization of JCC

July 28, 2022 (MLN): Federal Minister for Privatisation Mr Abid Hussain Bhayo on Thursday, discussed the reservations of CDA Board members with the Chairman CDA regarding the privatisation of the Jinnah Convention Center (JCC) in a meeting held today.

The meeting was held in the backdrop of reservations of the CDA Board regarding a few aspects of the transaction structure for the privatisation of JCC and a way forward to convert this loss-making entity into profit-making through a consultative process. 

It was discussed that the Federal Cabinet approved the transaction structure of 7.59 acres (built-up structure 4.13acre) of its land to a private owner in 2020 allowing the property status to be converted from amenity to commercial along with NOC from CAA for proposed height and FAT (1:10), CDA also issued NOC in favour of privatisation after redefining JCC plot structure.

Consequent upon PC moved with the issuance of EOI and 12 parties were pre-qualified, but the process could not move ahead on account of reservations of a couple of CDA Board members on the conversion of the entire property from amenity to commercial.

After detailed deliberations, it was agreed that a revised transaction structure is to be formulated in consultation with CDA through PC Transaction Committee and also considering the environmental effects and other possibilities for turning around this loss-making entity into a profit-making one.

Federal Minister Abid Hussain Bhayo stressed that we must move in a manner to ensure transparency on the one hand and provide viable options for the potential investors on the other. Chairman CDA Mr Amer Ali endorsed the output from  Privatisation Commission and committed to assisting in all matters for the early resolution of issues delaying the privatisation of JCC.

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